The report notes that while M&S’ market share ticked up 10 basis points (bps) on the year to 3.7 per cent, it was down from the earlier reading of 3.8 per cent
Reflecting the disruption caused by the cyberattack, British retailer Marks & Spencer’s food business sales growth slowed to 9.1 per cent over the 12 weeks to 14 June on a year-on-year (YoY) basis, Reuters reported, citing the data from an industry report.
The company’s food sales growth eased from 10.8 per cent in the last month’s report and 14.7 per cent in the earlier one, the report pointed out. M&S decided to stop taking online clothing orders and took its other systems offline as well, post cyberattack.
The report noted that M&S assessed that the attack would cost the company around USD 409 million in lost operating profit. After over one and a half months, the company started taking online clothing orders, the report added.
While the market share of M&S ticked up 10 basis points (bps) YoY to 3.7 per cent, it was down from the reading of 3.8 per cent in last month’s report, it said. (With Reuters Inputs).
